The S&P 500 has made a nice move higher over the past week or so, and the percentage of stocks in the index now trading above their 50-day moving averages stands at 66%. While the index itself has yet to take out its prior bull market highs, quite a few stocks in the index have already done so. In fact, more than 40 stocks in the S&P 500 are trading more than 10% above their 50-day moving averages, which is a definite overbought reading. As shown below, Millipore (MIL) is trading the farthest above its 50-day at 41.96%. Smith International (SII) ranks second at 33.79%, followed by JDSU (27.82%), CCE (25.13%), and ARG (24.54%). Of the five most overbought names, four currently have buyout offers! Two key names on the list below are Berkshire Hathaway (+15.10%) and Ford (11.32%). Other stocks that investors like to trade include WFMI, SNDK, PCLN, ISRG, and CTSH.
Subscribe to Bespoke Premium to receive more in-depth research from Bespoke.